Summary by Futu AI
BMO Financial Group reported Q3 2024 net income of $1,865 million ($2.48 per share), up 19% from $1,565 million in Q3 2023. Adjusted net income was $1,981 million ($2.64 per share), down 8% from $2,148 million last year. Revenue increased 2% to $8,192 million, while adjusted revenue was relatively unchanged at $8,206 million.The bank demonstrated strong pre-provision, pre-tax earnings and achieved positive operating leverage, reflecting good cost discipline. Total provision for credit losses increased to $906 million from $492 million last year, with provisions on impaired loans rising to $828 million. Non-interest expense decreased 13% to $4,839 million, while adjusted non-interest expense declined 5% to $4,697 million.BMO maintained robust capital and liquidity positions, with a Common Equity Tier 1 ratio of 13.0%. The bank declared a quarterly dividend of $1.55 per share, unchanged from the previous quarter and up 5% year-over-year. Performance was supported by revenue growth in Canadian P&C and stronger client activity in market-sensitive businesses, while higher credit costs impacted overall results.
